POLKADOT

Polkadot is a protocol that allows independent blockchains to exchange information. Polkadot is an inter-chain blockchain protocol which unlike internet messaging protocols (e.g. TCP/IP) also enforces the order and the validitiy of the messages between the chains. This interoperability also allows the additional benefit of scalability by creating a general environment for multiple state machines.

About Polkadot

Polkadot allows new designs of blockchains to communicate and
pool their security while still allowing them to have entirely
arbitrary state-transition functions.
This opens to the door to a network of blockchains, where private
and consortium chains can be firewalled from open and public chains
like Ethereum without losing the ability to communicate with them
on their own terms, not unlike the intranet/internet synergy we see
today.

At a high level, here are the problems we are attempting to
solve:

1. Interoperability
Polkadot is designed to enable applications and smart contracts on
one blockchain to seamlessly transact with data and assets on other
chains.

2. Scalability
Polkadot gives the ability to run several parachains*, each
processing multiple transactions in parallel, which allows networks
to obtain infinite scalability.

3. Shared Security
With Polkadot, security is pooled within the network, which means
that individual chains can leverage collective security without
having to start from scratch to gain traction and trust.

Features

- Provides a framework under which new blockchains may be created
and to which existing blockchains can, if their communities desire,
be transitioned
- Pooled security
- Trust-free interchain transactability

Technical Info

Technical details:

Polkadot achieves low-level consensus over a set of mutually
agreed valid blocks through a modern asynchronous Byzantine
faulttolerant (BFT) algorithm.

The source code:

Is intended to be a free and open project, the protocol
specification being under a Creative Commons license and the code
being placed under a FLOSS license.

Proof of developer:

Public team

Roadmap

Networking subsystem

This is the means by which a peer network is formed and maintained. First an altered devp2p, then libp2p.

Finalisation mechanism

Optimistic BFT Proof of Authority consensus mechanism. The mechanism allows the proof of misbehaviour for the dismissal of malicious validators.

Parallelised candidate selection

This is allowing multiple independent items to be agreed upon under a single series based upon subjective reception of the partial set of validator statements. Used as an input to the finalization mechanism.

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Proof of Stake chain

Extending the consensus mechanism into Proof of Stake territory; this module includes staking tokens, managing entry and exit from the validator pool, a market mechanism for determining.

Parachain implementation

This will include an integration with the Proof of Stake chain, allowing the parachain to gain consensus without its own internal consensus mechanism. More than likely this will include a WebAssembly-based contract execution architecture.

Transaction processing subsystem

An evolution of the parachain and relay-chain, this will allow for transactions to be sent, received and propagated. It includes the designs of transaction queuing and optimised transaction routing on the network layer.

Transaction-routing subsystem

This introduces more specifics into the relay-chains’ behaviour. Management of the ingress/egress queues and network protocol with means of directed transaction propagation, ensuring independent parachain collators are not overly exposed to transactions that are not of interest.

Relay chain

This is the final stage of the relay-chain, allowing the dynamic addition, removal and emergency pausing of parachains, the reporting of bad behaviour and includes implementation of the ‘fisherman’ functionality.

Independent collators

This is the delivery of an alternative chain-specific collator functionality. It includes proof creation (for collators), parachain misbehaviour detection (for fishermen) and the validation function (for validators). It also includes any additional networking required to allow the two to discover and communicate.

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